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What to check before buying a plot, apartment?


December, 2015

Buying a property? You must be prepared with the budget and where and what to buy, but do you know what documents you must check before sealing the deal? Such doubts are common and it is wise to prepare in advance before you sign the dotted line.

 

A city-based professional from Bangalore recently wrote on the Open House, a discussion forum by Magicbricks, he has bought a flat which is under the registration process. He wanted advice on what he should check before he signs on the final dotted line. Like him, there are others who are looking to buy a plot and are posting queries about the checklist.

 

In order to help our readers, Magicbricks has compiled the key points necessary to check before buying a plot or an apartment in Bangalore.

 

“In a bid to avoid the legal implications on any property and fall prey to marketing gimmicks, it is wise to thoroughly check the following points,” says Asha Nayar Basu, managing partner, S Jalan & Co.

 

In Bangalore, it is important to check the land acquisition details. One cannot contact BBMP, BDA or BMRDA. So, if you are buying in a BDA Layout, check if the site you are considering comes within the BDA plan and is a valid site at their site office. In case of other layouts, it is at the owner’s risk and one should thoroughly check before acquiring. Remember that BBMP cannot sanction layout plans.

 

Also, with number of unauthorised layouts and fraudulent property transactions, the Karnataka Government has come up with measures that bring relief to those looking to buy plots for investment.

 

The state government has come up with tech solutions to end fraudulent land deals. Now, the middle-men trying to commit fraud will have to go through the sub-registrar’s office. Karnataka Valuation and e-Registration (Kaveri) software of Karnataka Stamps and Registration department has been integrated with ‘E-Swathu’ property software of Urban Local Bodies (ULB) attached to the Panchayat Raj and Rural Development department. This will provide information to sub-registrars about properties listed in ULBs. As a result, they will be able to verify the property details before initiating the registration process.

 

 

 

 

Source: content.magicbricks.com

 

 

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